It was my understanding that, in spite of the hard history, the Orthodox consider the Pope to be formally "First Among Equals", although disunion and theological differences do not permit the exercise of common communion.
In a nutshell, you've expressed the sentiment quite well. Right now, however, because of the schism, Constantinople is first in honor among the Orthodox Patriarchates. The Pope under the present circumstances has a theoretical position of first among equals rather than a real one.
The Pope's primacy of honor is established by (1) Ecumenical Council (of the undivided Church) and by (2) Emperor Julian's decree. The Orthodox Church has no choice but to abide by them.
However, since the Latin Church is considered theologically "outside" the One Holy Apostolic Catholic Church by the Orthodox (which, by definition, is heresy), the Pope cannot practically function as the first among equals.
Thus, the seat of the first among equals is considered unfilled by the Orthodox (and is independent of the person who actually sits in it in the Vatican). As long as the seat of the first among equals is vacated in the Church, as far as the Orthodox are concerned, the first among equals becomes the second by protocol (EC, imperial decree), which names the Patriarch of Constantinople as second only to Pope in honor.
Thus the EP is "acting" in Pope's stead, until the Church is reunited.